The new versus used old car debate will rage for a long time. And, it is a debate that is hard to answer because different cars have different benefits. But, if you are looking to save money, a new car is best. That sounds a little silly because the initial cost of a brand spanker is a lot higher than the cost of a second-hand motor. It is important to remember, though, that the initial price is not the only cost you need to consider.
Here’s why a new car is cheaper than a used one.
1: Better Engineering
New cars are better made – it is as simple as that. With all the new technology available to manufacturers today, they can create a better car than in the past. The result is that newer cars don’t break down as much as their older counterparts. From a financial point of view, this is essential as you don’t have to spend money on quality car servicing to fix any issues. Instead, you can drive your car around safe in the knowledge that nothing is going to break anytime soon.
2: More Durable
As a direct result of their manufacturing, new cars are also more durable. Granted, some older makes and models will last for a very long time. In fact, there are still some cars that run like they did in their prime to this day. But, they are few and far between. Newer cars, on the other hand, are made to last for a long time. Manufacturers understand that drivers want more from their vehicle than just pure aesthetics. So, they make them last longer. Again, you don’t have to waste money on repairs on a new car if you pay for quality in the first place.
3: Cheap Insurance
Insurance companies take both of the above into consideration when they come up with your policy. They know that an older car is more likely to break down or be in an accident than a newer one. They also know that they are the ones who are going to have to stand the bill if your car is damaged. It is for that reason that they quote high premiums for second-hand cars. On the flip side, they know there is likely to be fewer issues with a brand new car and quote the price accordingly.
4: Fuel Efficient
The one thing that costs a bomb is fuel. At the minute, fuel prices are dropping thanks to an influx of oil. Still, that is an anomaly and that scenario won’t last forever. On the whole, fuel is costly unless you have a car that is easy on the gas. Old cars did not care about fuel consumption in their generation, so they use fuel like it is about to go out of fashion. New cars understand that fuel is a big factor for drivers, and they make them as cheap to run as possible.
Forget about the initial price because that is only one cost. The cost that matters is the running cost, and that is cheaper on a new car.